Nigerian Stock Market Loses N74 Billion in a Single Session
The Nigerian stock market lost N74 billion in a single session on Wednesday as the All-Share Index (ASI) and market capitalisation dipped by 0.11 per cent.
The Nigerian Exchange Ltd. (NGX) saw its market capitalisation drop to N66.140 trillion from N66.214 trillion, while the ASI fell by 117.90 points, closing at 105,475.38 from the previous 105,593.28.
Despite the decline, some stocks defied the trend, with Mutual Benefits Assurance leading gainers after surging 10 per cent to close at 88k per share. Royal Exchange followed with a 9.88 per cent rise to 89k, NEM Insurance climbed 9.84 per cent to N13.40, while Lasaco Assurance advanced 9.56 per cent to N2.75. eTranzact International also impressed with a 9.52 per cent rally to N5.75 per share.
On the flip side, Union Homes Real Estate Investment Trust led the losers, plunging 9.93 per cent to N51.25. ABC Transport followed with a 9.80 per cent decline to N1.38 per share, while Universal Insurance, DAAR Communications, and Champion Breweries shed 8.33 per cent, 6.45 per cent, and 5.00 per cent, respectively.
Trading activity remained robust, with 5.760 billion shares worth N342.605 billion changing hands in 10,908 deals. WAPCO dominated the trading floor with a record-breaking 4.473 billion shares valued at N330.146 billion.
Other major movers included Sovereign Trust Insurance, CUTIX, Fidelity Bank, and Access Corporation, which all recorded significant trade volumes and values.
NAN
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